- Five accused hackers stole $11M in crypto using phishing and SIM-swapping, targeting individuals and 45 global companies.
- U.S. prosecutors charge ‘Scattered Spider’ members linked to breaches across industries from 2021 to 2023.
- Authorities tracked suspects through digital evidence, exposing ties to crypto theft and telecom fraud schemes.
Five people have been accused by US prosecutors of engaging in a complex hacking operation that saw them steal over $11m worth of cryptocurrency and other information. The accused, allegedly affiliated to the ‘Scattered Spider’ hacking group, allegedly sought personal and businessmen and companies through phishing and SIM-swapping to get access to digital assets and secrets.
The case was brought to light by the California U.S. Attorney’s Office on the 20th of November and targets a number of assaults in different countries; America, Canada, India, and the United Kingdom. The group is believed to have targeted employees of companies, including a US-based cryptocurrency exchange, by sending them deceptive text messages informing that their account has been deactivated. These messages included links with phishing intent to make the recipients divulge their account information.
Crypto Theft Network
The court papers show that the group was after 45 companies and at least 29 individuals. A man said he was able to lose more than $6.3 million in cryptocurrency after his email account and digital wallets were hacked. The funds and the data stolen were reportedly used to fund other criminal activities of the group.
Source: PACER
The accused persons who include Ahmed Elbadawy, 23, from Texas; Noah Urban, 20, from Florida; Evans Osiebo, 20, from Dallas; Joel Evans, 25, from North Carolina; and Tyler Buchanan, 22, from Scotland are said to have operated between September 2021 and April 2023. All five are charged with conspiracy to commit wire fraud and aggravated identity theft, with Buchanan also charged with wire fraud. If he is found guilty the fraud charges alone could lead to a maximum of 20 years behind bars.
Crypto Cybercrime Links
The group has also been associated with other big events as well. Scattered Spider is believed to have participated in the cyberattacks on Caesars Entertainment and MGM casinos in September 2023, but these hacks are not mentioned in the current indictment. Other co-conspirators may still be under investigation, according to court documents.
The FBI and Police Scotland also followed the suspects on the basis of digital evidence and specially Buchanan. Police were also able to establish that he used a U.S. cryptocurrency exchange and a telecom company in the course of the scheme.
This case shows the increasing threat that cybercriminals present to the cryptocurrency market. Since digital assets are valuable and sometimes hard to identify, they are still very much appealing for the thieves. This indictment should not be forgotten in the efforts that have to be made in ensuring that the world is safe from cyber criminals.
